Outcome of Board Meeting under Regulations 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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The Board approved audited standalone and consolidated financial results for Q4 and FY25 on May 29, 2025, with a clean (un-modified) opinion from statutory auditors P.L. Tandon & Co. Standalone FY25 total revenue rose to ₹2,669.92 lakh from ₹2,010.34 lakh (up ~33%), but a large chunk came from other income (₹2,078.47 lakh) including ₹798.14 lakh gain on sale of investments. Standalone net profit was nearly flat at ₹1,267.38 lakh vs ₹1,292.63 lakh. Consolidated revenue jumped to ₹9,893.73 lakh from ₹6,663.55 lakh (up ~48%) with PBT of ₹1,025.66 lakh vs ₹706.80 lakh. The auditor flagged Emphasis of Matter on RBI Section 45-IA registration (financial assets >50% of total assets) and on investment in JK Urbanscape held at cost instead of fair value. FY24 figures were restated to fix an error where subsidiary investment was not properly eliminated (impact of ₹792 lakh). Going concern issues were flagged at associate Nebula 3D (accumulated losses, eroded net worth) and at JKT Bangladesh (voluntary winding up). The company acquired 97.48% of J.K. Technosoft via share swap and raised ~₹14,615 lakh via a rights issue during the year. Operating cash flow worsened to negative ₹1,148.05 lakh from negative ₹884.47 lakh.
Revenue growth looks strong on the surface but is largely driven by investment-related income rather than core operations, which may not be sustainable. Shareholders should note going concern flags at an associate and a subsidiary, the ongoing RBI registration question, and a CBI case against subsidiary Allen Reinforced Plastics. Negative operating cash flow and the restated prior-year numbers are mild negatives, while the rights issue and Technosoft acquisition signal expansion plans in defence/aerospace and digital manufacturing.